Define a successful business strategy with these tips
Posted on 09/07/2019
To increase the chances that your business is successful, you must define one or more products that offer a good quality and are sold at a fair price.
Followed this, you should know that a business strategy is "the work plan in the medium or long term, which guides the resources and capabilities of the company to fulfill its vision for the future and the route to achieve it; this arises when a businessman or entrepreneur wonders how he sees his company in a short period of time, "explains Ricardo Prada, professor of the faculty of Administration of the EAN University.
Consumers should be your initial and final focus
You need to find a group of people that you can reach with your product or service, conduct a market study and define an objective. According to Rebeca Lozano, professor at the Department of Marketing of the Central University, "the source of these opportunities is to identify a desire or a way of how consumers want to solve a need, also key aspects that allow you to establish a clear segmentation.
Do not forget the competition
Recognize your rivals will allow you to know the market trends and the type of products or services that may be trend or that are scarce. In addition, you can establish differences, similarities and new ideas regarding what other companies offer.
Once the business strategy has been established, all the areas and / or processes of the company must work together in the achievement of the proposed objectives, in order to achieve success. Then, strategies for their different processes must be proposed, such as financial, operational, marketing, human talent, among others, "advises Prada.
Well planned budgets
Be organized with the budget you plan to invest and the return on investment. Lozano comments that it is necessary to follow a financial plan, analyze the "commercial viability and make a risk plan", and of course, "establish the means and resources that are available and those that would be needed to execute the new business proposal. . Remember that the important thing of your business is to preserve an authentic brand that is different from the others. For this reason, "there are no generic business strategies for all companies, each one has an internal and external characteristic that makes it different, and therefore, it is imprecise to think that a certain strategy that served another company may necessarily be successful in another. similar company, concludes Prada.
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